Financial Assistance For Business Affected by COVID-19

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Financial Assistance for Businesses Affected by COVID-19

NYC Employee Retention Grant Program

To help small businesses deal with the impact of COVID-19, the City has launched the Employee Retention Grant Program to help retain employees as businesses face decreased revenue. This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000.

Who Can Apply?

Businesses, including non-profits, must:

  • Be located within the five boroughs of New York City
  • Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue
  • Employ 1-4 employees in total across all locations
  • Have been in operation for at least 6 months
  • Have no outstanding tax liens or legal judgments

Revenue Loss

To calculate the revenue impact of COVID-19, we will compare average revenue for two months in 2020 (after the COVID-19 impact) to both:

  • average revenue for the same two month period in 2019, and
  • average monthly revenue based on total 2019 revenue.

We will check to see if either calculation shows at least a 25% decrease in revenue

Supporting Documents

To verify the loss of revenue, you will need to upload:

  • Financial documents for two months in 2020 demonstrating revenue decrease due to COVID-19
  • Financial documents showing your revenue for the same two months in 2019 (unless you were not in business at that time)
  • Financial documents showing your revenue for the full 2019 calendar year

Financial documents can include: point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit & loss statements.

To determine your grant amount, you will need to upload:

  • Your most recent two months of payroll records

To process your grant, you will need to upload:

  • A signed Participation Affidavit verifying that you are eligible for the program and that you are applying in order to retain your employees
  • Your bank account information

How to Apply

You can apply for the program by following the steps below:

  1. Review our program guidelines and determine if your business is eligible.
  2. Gather the appropriate documents.
  3. Visit SBS Connect and log in to your account to begin your application.
Apply Here

NYC Small Business Continuity Fund

Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero-interest loans of up to $75,000 to help mitigate losses in profit.

Eligibility Criteria for the NYC Small Business Continuity Fund

Businesses must:

  • Be located within the five boroughs of New York City
  • Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue
  • Employ 99 employees or fewer in total across all locations
  • Demonstrate ability to repay the loan
  • Have no outstanding tax liens or legal judgements

Complete our interest form to be notified when the applications open.As part of the applications, you will be required to demonstrate a revenue decrease by providing documentation such as: point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit & loss statements. You can begin to gather these documents in preparation.